Posts Tagged ‘BTC Guild shutting down’

The ScryptGuild Scrypt mining multipool has announced that they are going to be shutting down on September 27, 2014. However the mining servers will halt in 2 weeks, which is August 10th. Users will have until September 20th to withdraw their balances before the coin daemons and wallets are taken offline. The information about ScryptGuild shutting down is apparently not directly related to the New York Bitcoin Regulations that are currently in the works, however there is information that the BTC Guild mining pool might also be closed down if these regulations are approved in their current form.

Under the current proposals (subject to public comment and revision), operating a pool within the US will be impossible to do legally without obtaining significant personal information on ALL users, not just those in the US. There would also be significant financial costs which would exceed the amount of money the pool has generated since inception. Since there is no way anybody will mine on a pool with those requirements, it means that any pool in the US will be forced to shut down, or operate illegally and hope they’re ignored.

If the regulations are finalized (this is unlikely to happen for at least 3-4 months if not more) in a form that still applies to pools, the pool will be forced to shutdown. This news post is being made as notice that this is an exception to the stated 3-month closure window identified in our FAQ and the forum thread. If the regulations pass, the 3-month window will be reduced to 45 days due to legal requirement to cease operations prior to the regulations taking effect.

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